Hyundai Heavy selling 20% stake in refining subsidiary to Saudi Aramco

Hyundai Heavy selling 20% stake in refining subsidiary to Saudi Aramco

South Korea’s largest shipbuilder Hyundai Heavy Industries (HHI) is selling a 19.9% stake in its refinery subsidiary, Hyundai Oilbank, to Saudi Aramco for KRW1.8trn ($1.6bn in its latest move to bolster its financial position.

Saudi Aramco already owns 63.4% of S-Oil Corp, another Korean refiner.

HHI has been spinning off non-core businesses in recent years as it restructures amid a lengthy shipbuilding downturn.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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